Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Tim Crawford
23 July 2024
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Vostok Oil: Russia’s sleeping giant

Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised

Russia’s state-owned Rosneft is pressing on with the country’s next major oil development, Vostok Oil, which at its height the company estimates could produce the equivalent of nearly a fifth of current national output. It is doing so in defiance of ever tightening Western sanctions on the Russian oil industry There is a consensus among experts that Vostok Oil is happening, with or without sanctions or increasingly hard-to-secure foreign investment. But how quickly its production will scale up over the coming years will depend on how the project fits within Russia’s OPEC+ quota. Rosneft is likely to leverage its significant lobbying power to get a favourable outcome, going head to head with

Also in this section
Azerbaijan enjoys rare upstream FID
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support
Trump creates new risk dynamic
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning
Saudi Arabia and Russia pull OPEC+ in different directions
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
Energy NL upbeat on Newfoundland despite industry doubts
13 June 2025
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search